REGISTERED NUMBER: 12407545 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

PFM UK Holding Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B P J Schmitz

Mr P J Cox

REGISTERED OFFICE:

Unit 1 Moons Park

Burnt Meadow Road

Moons Moat Industrial Estate

Redditch

Worcestershire

B98 9PA

REGISTERED NUMBER:

12407545 (England and Wales)

AUDITORS:

Clifford Roberts - Statutory Auditor

63 Broad Green

Wellingborough

Northamptonshire

NN8 4LQ

FIXED ASSETS

Investments

4

1,763,492

4,335,698

CURRENT ASSETS

Debtors

5

88,215

101,310

Cash at bank

3

-

88,218

101,310

CREDITORS

Amounts falling due within one year

6

3,204,718

4,461,094

NET CURRENT LIABILITIES

(3,116,500

)

(4,359,784

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,353,008

)

(24,086

)

CREDITORS

Amounts falling due after more than one year

7

1,156,250

1,633,417

NET LIABILITIES

(2,509,258

)

(1,657,503

)

CAPITAL AND RESERVES

Called up share capital

9

900

900

Share premium

488,418

488,418

Retained earnings

(2,998,576

)

(2,146,821

)

SHAREHOLDERS' FUNDS

(2,509,258

)

(1,657,503

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2025 and were signed on its behalf by:

Mr B P J Schmitz - Director

1.	STATUTORY INFORMATION

PFM UK Holding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are for an individual entity, they are presented in Sterling (£) and cover the period to 31st December each year. In the prior year, the length of the reporting period was extended to 31st December 2023, bringing the companies year end in line with the rest of the group. As such, the comparatives are not entirely comparable.

Preparation of consolidated financial statements

The financial statements contain information about PFM UK Holding Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, PFM Global Holding B.V,, De Schans 23, Alphen aan de Rijn, 2405 XX, Netherlands.

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

(a) Impairment of fixed asset investments

The directors review the carrying amount of its fixed asset investments annually to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the investment is estimated, using directors knowledge of the business and expected future performance, in order to determine the extent of any impairment loss.

Where the carrying value exceeds the recoverable amount, an impairment loss is recognised through the profit and loss account.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

4,335,698

Impairments

(2,572,206

)

At 31 December 2024

1,763,492

NET BOOK VALUE

At 31 December 2024

1,763,492

At 31 December 2023

4,335,698

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

88,215

-

Other debtors

-

101,310

88,215

101,310

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,885

-

Amounts owed to group undertakings

2,818,234

3,044,105

Taxation and social security

-

265

Other creditors

384,599

1,416,724

3,204,718

4,461,094

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,156,250

1,633,417

8.	FINANCIAL INSTRUMENTS

The company has significant exposure to foreign currency, credit, liquidity and market risks, these are limited by the company's financial management policies and practices described below:

Foreign currency risk

The company has exposure to foreign currency risks as some of the company's sales and purchases are denominated in Euros. The company utilises the group operated Euro current accounts to help mitigate the risks arising from exchange rates.

Credit risk

The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities.

Market risk

There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets. The company holds no derivative financial instruments at the year end.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

900

Ordinary

£1

900

900

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Julian Payne BA FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts - Statutory Auditor

11.	OTHER FINANCIAL COMMITMENTS

DunPort Capital Management DAC holds fixed and floating charges over all the property and undertaking of the company, containing a negative pledge.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

All related party transactions are considered to be conducted at arm's length and in the ordinary course of business.

13.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Lexar Partners Fund I Coorporatief U.a, a venture capital investment firm based in the Netherlands.

14.	GOING CONCERN

These accounts have been prepared on the going concern basis on the understanding that there is financial support from the group and ultimate shareholders.